All Topics / Help Needed! / what happens when selling for loss

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  • Profile photo of mikeejmikeej
    Member
    @mikeej
    Join Date: 2003
    Post Count: 25

    If I purchased a property at the beggining of the year and sell it now, what are the implications tax wise. Assume there are no CG. I will lose out on stamp duty, selling costs etc. Can I offset the loss against my income on next years tax return?

    work sux!

    Profile photo of siaccisiacci
    Member
    @siacci
    Join Date: 2003
    Post Count: 53

    You can off set the loss against any future capital gains. The loss carries over. Why dont you consider selling it on a wrap or lease option instead. You could then sell it for what it owes you and have cashflow till the tennantpurchaser refinances. Beats a loss.

    Dave siacci

    Profile photo of mikeejmikeej
    Member
    @mikeej
    Join Date: 2003
    Post Count: 25

    Na I don’t want to muck around. Basically the bank won’t let me do what I wanted to do so I just want to get rid of it and move on. I just need to find out all the ins and outs of what I’m going to lose, what I can claim etc etc.

    work sux!

    Profile photo of yackyack
    Member
    @yack
    Join Date: 2003
    Post Count: 1,206

    You better check with your accountant – as you only had the property for less than 12 months you may be able to offset the loss against other income as you may not be able to carry forward the loss against future capital gains.

    I am not expert – so go check.

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